Orion Minerals Limited is raising approximately A$5.8 million (around ZAR67 million) to support its development plans at the Prieska Copper Zinc Mine and the Okiep Copper Project. The company has secured firm commitments for the issue of approximately 522 million new shares at 1.1 cents (ZAR13 cents) per share, with the funds to be used for ongoing site works, mine development optimisation studies, and general working capital.

The raising of the capital involved a placement to professional and sophisticated investors that raised approximately A$3.3 million (ZAR37 million) through the issue of 289 million shares. Additionally, two major loan conversions are aimed at continuing to balance Orion’s balance sheet. 

Chairman Denis Waddell’s Tarney Holdings has agreed to exchange an outstanding unsecured facility of approximately A$0.5 million into shares at the placement price subject to shareholder approval. Former director Thomas Borman’s Ratel Growth will exchange an outstanding facility of approximately A$2.1 million into shares at the same price and repay both facilities in full.

Orion is also launching a Share Purchase Plan (SPP) to allow eligible shareholders to subscribe for up to A$30,000 (about ZAR355,000) worth of new shares at the placement price. The SPP aims to raise up to A$4 million and is available to shareholders with registered addresses in Australia, New Zealand, South Africa, the European Union (Germany and Netherlands), Jersey, the United Kingdom, Mauritius, and Singapore as of 7 July 2025. The SPP opens on July 15, 2025 and closes on August 5, 2025, with shares offered at an 8.3% discount to Orion’s closing price on the ASX and a 13.3% discount on the JSE as of July 3, 2025.

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The proceeds from this capital raising will be used primarily to advance the development of the Uppers at the Prieska Copper Zinc Mine, including dewatering and site works, and to further mine optimisation studies and site works at the Okiep Copper Project. The funds will also support general working capital, including activities related to finalising off-take funding for Prieska.

Orion’s Managing Director and CEO, Anthony Lennox, commented that this capital raising enables the company to continue preparations for early works at Prieska and ongoing development at Okiep. He expressed gratitude for the continued support from Orion’s largest shareholders, emphasising the company’s progress toward becoming a producing mining company in the near term.

Shareholder approval for the issue of shares to Tarney Holdings and ratification of shares issued to Ratel Growth and under the placement will be sought at an upcoming General Meeting. Orion will also make the necessary regulatory filings to the ASX and JSE in connection with this capital raising. This funding round marks a pivotal moment for Orion Minerals as it accelerates its transition from exploration to production.